Bulls made a strong come back on Wednesday. The Nifty50 after gap up opening continued to inch higher as the day progressed and reclaimed 10,450 levels, driven by financial space after SBI decided to purchase loan assets worth up to Rs 45,000 crore from NBFCs.
The index closed sharply higher and formed bullish candle on the daily charts, negating the formation of lower highs for previous six consecutive trading sessions.
If the 50-share NSE index sustains above 10,300 levels then it can cross 10,700 levels followed by 10,850 levels, the critical hurdle, experts said.
The Nifty50 opened higher at 10,331.85 and extended gains as the day progressed. The index touched an intraday high of 10,482.35, before closing 159.10 points higher at 10,460.10.
India VIX fell by 8.83 percent to 18.01 levels. Decline in VIX from higher levels with a topping out formation have given a short term stability and immediate bounce back move to the market. Now VIX has to further cool down below 16-15 zones to extend the market recovery, experts said.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Tata Consultancy Services with a stop loss of Rs 2060, target of Rs 2000
Sell Infosys with a stop loss of Rs 710, target of Rs 675
Buy State Bank of India with a stop loss of Rs 274, target of Rs 288
Buy ICICI Bank with a stop loss of Rs 314, target of Rs 332
Prakash Gaba of prakashgaba.com
Buy Ajanta Pharma with target at Rs 1100 and stop loss at Rs 1020
Buy Apollo Tyres with target at Rs 225 and stop loss at Rs 205
Buy Biocon with target at Rs 640 and stop loss at Rs 607
Buy State Bank of India with target at Rs 290 and stop loss at Rs 270
Mitessh Thakkar of mitesshthakkar.com
Sell Cipla below Rs 633 with stop loss of Rs 641 and target of Rs 616
Sell Infosys around Rs 695 with stop loss of Rs 706 and target of Rs 675
Sell PAGE Industries with stop loss of Rs 30800 and target of Rs 28950
Buy Balrampur Chini around Rs 91 with stop loss of Rs 88 and target of Rs 98Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com/CNBC-TV18 are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.